Globe’s 917Ventures, Ayala’s AC Ventures partner to explore business opportunities

Globe Telecom Inc.’s venture builder 917Ventures (917V) has partnered with Ayala Corp.’s AC Ventures to explore business opportunities and grow its ecosystem.

In a statement, Globe said that under the said partnership, AC Ventures will participate in funding the research, development, and launch of 917V’s new business ventures.

AC Ventures is a wholly owned subsidiary of Ayala Corp. It is the conglomerate’s platform for its investments in adjacent businesses that are complementary to its existing portfolio as well as in emerging trends and innovative businesses.

“We are very excited to work with AC Ventures. We can leverage the ecosystem and network advantage that they provide to solve the pain points of consumers and businesses.  Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and the Asia-Pacific region,” said Vince Yamat, managing director, 917Ventures.

“The accelerated growth of digital adoption has become ingrained in many Filipinos who have quickly transitioned how they work, study, play, and access basic services. Ayala intends to participate in this multi-decade transformation by contributing to the research and development and incubation of disruptive solutions across different consumer touchpoints in our portfolio. With its strong track record of developing startups to achieve scale and profitability, we believe that 917Ventures is the natural vehicle for Ayala’s digital ventures,” said Alberto de Larrazabal, Ayala’s chief finance officer and AC Ventures’ president and CEO.

Globe said 917Ventures has successfully spun-off nine new companies since its inception in 2019, including HealthNow and PureGo, among others.

Some of the companies under 917Ventures’ portfolio are telehealth service platform KonsultaMD, digital and mobile advertising agency AdSpark, and Mynt —the company behind the popular GCash payment services app. —Ted Cordero/KG, GMA News